If you're recovering from an illness or accident, chances are you'll be taking substantial time away from work. If you do, who will cover your financial obligations to your employees, utility companies, professional organizations and more? Ongoing professional expenses like these never take a break, and can drain your reserves in a hurry.
Even if you have Disability Insurance to protect you and your family by covering your personal living expenses, Professional Overhead Expense coverage (POE) from OMA Insurance helps reimburse many of the expenses that come with running your practice – keeping your business operating smoothly during your absence.
Created specifically for physicians, POE provides cost-effective coverage for your share of fixed monthly business expenses including employee salaries, rent, utilities, mortgage interest, office equipment depreciation, professional dues and other costs. Enjoy the security of everything POE offers, such as:
Coverage of up to $30,000 a month1: Available in $100 units from a minimum of $500 to a maximum of $30,000, monthly.
Total Disability Benefit: You are considered Totally Disabled if sickness or injury prevents you from performing the essential duties of your regular occupation, you are under the regular care of a physician, and you are not otherwise gainfully employed. You may be reimbursed the covered monthly overhead expenses, actually incurred by you, to a maximum of the sum insured, but not greater than the average of your covered monthly overhead expenses for the six months preceding the onset of disability.
Residual Disability Benefit: You are considered Residually Disabled if you are not Totally Disabled, but as a result of sickness or injury you are under the regular care of a physician, have a loss of earned income of 100% or more, and are either able to perform one or more of the duties of your regular occupation or are engaged in another occupation. You may be reimbursed your loss of earned income in excess of 100%, to the limit of your coverage.
Opportunities to increase coverage without medical evidence.
Options to continue your coverage until age 80.
Annual Premium Refund: As your not-for-profit association, premiums not used for claims, expenses and reserves may be refunded to you.
See how much OMA Insurance has refunded members in the past.
Survivor Benefit: Payable to your estate, equal to three times the last monthly POE benefit payable before the date of your death.2
Coverage is simple and affordable. Rates depend on a variety of factors, including your age, smoking status and selected elimination period. To learn more about rates, and to get a quote, simply contact OMA Insurance at
email@example.com or 1.800.758.1641, or use the rate calculator.
To apply for new or increased coverage from OMA Professional Overhead Expense Insurance, applicants must be members of the OMA or an Atlantic Association/Society, be under the age of 65, and be actively involved in practicing medicine in Canada. Note: this does not affect your ability to maintain coverage that is already in force, regardless of where in the world you move, provided you maintain membership in an eligible medical Association/Society.
OMA Insurance works to streamline the underwriting process as much as possible, reducing the complexity and time required to arrange coverage. Here are the steps required:
Keeping your business fully functional – even while you're not – is one of your key priorities as a practising physician. With POE coverage, your business can rely on dependable protection, just as you can rely on OMA Insurance to answer your needs, at every stage of your career.
1 Benefits can begin after a 14-, 30-, 60- or 90-day Elimination Period. The maximum amount payable is 12 times your monthly benefit. If you become disabled before age 70, benefits may be paid over a maximum of 36 months. If you become disabled at age 70 or over, benefits are payable over 12 months starting at the end of your elimination period.
2 In no event may the total POE benefit paid (including the Survivor Benefit) exceed the maximum total benefit of 12 times your monthly POE benefit.
Professional Overhead Expense Insurance is underwritten by Sun Life Assurance Company of Canada, a member of the Sun Life Financial group of companies.
This fact sheet is intended for general guidance and is not a contract. The complete terms, conditions, limitations and exclusions governing the OMA Professional Overhead Expense Insurance coverage can be found on your Certificate of Insurance and in the relevant group insurance policy 20647 and issued to the OMA by Sun Life Assurance Company of Canada.